Nedbank Group is a

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

group in South Africa offering wholesale and

retail banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...

services as well as insurance,

asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group. Nedbank regional office in Cape Town, South Africa

Nedbank's primary market is South Africa. Nedbank also operates in six other countries in the Southern African Development Community (SADC), through subsidiaries and banks in

Eswatini Eswatini ( ; ss, eSwatini ), officially the Kingdom of Eswatini and formerly named Swaziland ( ; officially renamed in 2018), is a landlocked country in Southern Africa. It is bordered by Mozambique to its northeast and South Africa to its no ...

Lesotho Lesotho ( ), officially the Kingdom of Lesotho, is a country landlocked country, landlocked as an Enclave and exclave, enclave in South Africa. It is situated in the Maloti Mountains and contains the Thabana Ntlenyana, highest mountains in Sou ...

, Malawi, Mozambique, Namibia and Zimbabwe, as well as offices in Angola and Kenya. Outside Africa, Nedbank have offices to provide international financial services for Africa-based clients in

Guernsey Guernsey (; Guernésiais: ''Guernési''; french: Guernesey) is an island in the English Channel off the coast of Normandy that is part of the Bailiwick of Guernsey, a British Crown Dependency. It is the second largest of the Channel Islands ...

, Isle of Man, Jersey, the United Kingdom and the United Arab Emirates. Nedbank is headquartered in Johannesburg.

History

The bank was founded in 1888 in Amsterdam as the ''Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika'' ("Dutch Bank and Credit Union for South Africa"). In the same year, the bank opened an office in Church Street, Pretoria, South Africa. In 1903, the company was renamed to ''Nederlandsche Bank voor Zuid-Afrika'' ("Dutch Bank for South Africa"). In 1906, the bank expanded and an office in London was opened. The bank split in 1951, renaming its South African counterpart as Nederlandse Bank in Suid-Afrika/Netherlands Bank of South Africa (NBSA). In 1969, the number of South African

shareholder A shareholder (in the United States often referred to as stockholder) of a corporation is an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal own ...

s increased significantly and the company became 100% South African-owned after the Bank Mees and Hope sold 20% of its shares. The South African counterpart was completely independent. The Dutch counterpart of the bank no longer exists. Syfrets SA and Boland Bank listed on the Johannesburg Stock Exchange in 1969. In 1971, NBSA changed its name to Nedbank. Nedbank Group formed from the merger of Syfrets SA, Union Acceptances and Nedbank in 1973. In 1986, Old Mutual became the major shareholder (53%) of Nedbank. In 1992, Syfrets, UAL Merchant Bank, and Nedbank Investment Bank Division merged to become Nedcor Investment Bank (NIB). Old Mutual, Nedcor's holding company, was demutualised and listed on the London Stock Exchange in 1999. The new Nedcor Group was formed on 1 January 2003, combining Nedcor, BoE, Nedcor Investment Bank, and Cape of Good Hope Bank into one legal entity. The Nedcor Group was renamed the Nedbank Group on 6 May 2005. In August 2009, Nedbank acquired the 49.9% of Imperial Bank South Africa that it did not own, so Imperial Bank South Africa is wholly owned by Nedbank. In October 2014, Nedbank acquired a 20% stake in Ecobank, converting its $285 million claim in

Ecobank Ecobank, whose official name is Ecobank Transnational Inc. (ETI), is a pan-African banking conglomerate, with banking operations in 36 African countries. It is the leading independent regional banking group in West Africa and Central Africa, se ...

into equity.

Nedbank Group

Nedbank Group is the holding company of all Nedbank's businesses, subsidiaries, associates and affiliates. The Nedbank Group's major subsidiary and associate companies include the following:

Local subsidiaries

* Nedbank Limited * Syfrets Securities Limited * Nedgroup Investments Proprietary Limited * Nedgroup Private Wealth Stockbrokers Proprietary Limited * Nedgroup Collective Investments (RF) Proprietary Limited * Nedgroup Securities Proprietary Limited * Nedgroup Private Wealth Proprietary Limited * Nedbank Group Insurance Holdings Limited * The Board of Executors * Dr Holsboer Benefit Fund

Foreign subsidiaries and associates

* Ecobank Transnational Incorporated * MBCA Bank Limited (Zimbabwe) * Nedbank (Eswatini) * Nedbank (Lesotho) * Nedbank Namibia Limited * Nedbank Limited (Malawi) – Until December 2019 * Nedbank (Mozambique) * Nedbank Private Wealth Limited (Isle of Man) * NedEurope Limited (Isle of Man) * Nedgroup International Holdings Limited * Nedgroup Investments Africa ( Mauritius)

Ownership

Nedbank shares are traded on the JSE under the share code NED and on the Namibian Stock Exchange under the share code NBK. As at 18 January 2019, the shareholding in the group's stock consisting of 497,053,536 issued shares rounded to the nearest digit was:

References